Yes I think so.
I can't see Ipswich forking out anything like £700k. Perhaps the £700k included add ons like number of appearances. As he only made 13 1st team appearances, I doubt we got anything for them. Maybe the actual fee was around £500k, but even that would be silly money for Ipswich or Wigan. Derby would pay it, but they are embargoed. No windfall there then, unless it's a rolling sell on clause.